Roberto Cavalli is sold

Roberto Cavalli has been sold.

The Italian fashion house has been in talks with multiple buyers over the last year and has now sold 90 per cent of the company to private equity firm Clessidra S.p.A.

Founder Cavalli will keep ownership of the last 10 per cent.

The news comes after talks stalled with other private equity firms. It was thought Cavalli was in talks with London-based Permira, but any plans faltered.

It was then reported the company had spoken with Bahrain-based Investcorp, before dealing with Russia's VTB Capital.

In December, Clessidra confirmed it was communicating with the fashion label regarding procurement, and said it hoped to complete by March.

Clessidra had previously been linked to the brand; in 2009 it was reported it could take a 30 per cent stake.

Cavalli, 74, has revealed he is satisfied with the agreement, and hopes the company carries on growing in the ever-evolving luxury market.

It’s been all change at the label recently, with Peter Dundas taking over from Cavalli himself as creative director. It followed his successful stint at Emilio Pucci, but Peter had previously served at Cavalli from 2002 to 2005.

"This is a homecoming for me," Peter said in a statement. "It is an honour for me to continue to evolve the wonderful world of Roberto Cavalli and I am very excited by the possibilities and potential of this unique brand. I cannot wait to get started."

Last week it was announced Francesco Trapani will take on the role of chairman and Renato Semerari will be the new chief executive officer.